First Corporation (1430) Continues to increase profits, but pay attention to order environment

Overview

Key point: Increased sales Key point: Increase Key point: Increase Key point: Positive trend Key point: Stable growth, but a structure that is easily influenced by the external environment

Financial Highlights (Simple Table)

What happened (most important)

■Quantity Key point → Structural factors (urban demand)

■Price Key point → Structure + partially reflecting inflation

■Cost Key point → Structural factors (construction industry as a whole)

■Exchange Key point

=> Profits have been absorbed through “improved profitability,” but upward pressure on costs continues

Latest materials (3 months)

Key point: Continued profit increase Key point: Maintain a certain level Key point: Continuing to rise Key point: Select small and medium-sized construction stocks

=> “Stability” is evaluated for stock prices, “growth potential” is factored in to a limited extent

Business structure

■Source of revenue Key point Key point

■Profit rate Key point

■Strengths Key point Key point

■Weaknesses Key point Key point

Implications for stock prices

■Positive Key point Key point

■Negative Key point Key point

■Weaving Key point

■Gap Key point

Short term (6 months)

Key point Key point Key point

=> Focus is on “Can we maintain profit margin?”

Mid-term (1 year)

Key point Key point Key point

=> Evaluation is based on “sustainability” rather than growth potential

Scenario analysis

Bullish: 30% Increase in orders + improvement in profit margin → stock price rise

Neutral: 50% Maintain status quo → remain flat

Bearish: 20% Profit pressure due to cost increase → decline

Risk (simple table)

Summary

Key point Key point Key point

=> Stable stock, but waiting for material to reevaluate growth

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